Supervisory Board of JSC "Oschadbank" Confirms Focus on Continuing Strategic Partnership with EBRD

The Supervisory Board of JSC "Oschadbank" welcomes the strategic partnership established with the European Bank for Reconstruction and Development (the "EBRD") and aimed at further reforming JSC "Oschadbank" and its transformation into a financially sustainable and attractive banking institution. These are the goals set out in the Memorandum of Understanding between the Government of Ukraine, the EBRD and JSC "Oschadbank" of 25.11.2016, the signing of which was one of the first steps in systemic reform of the Ukrainian state-owned banking sector.

In partnership with the EBRD and the Ministry of Finance of Ukraine, the Supervisory Board will continue to update provisions of the Memorandum and "Oschadbank"'s Transformation Programme, as well as to elaborate specific ways and mechanisms for the EBRD to become an investor of the Bank.

At the moment, in addition to the fact that the EBRD supports several programmes of technical assistance provided to the Bank, the parties cooperate in the framework of the agreement on participation in the EBRD's Trade Facilitation Programme.

"The Supervisory Board expresses gratitude to the EBRD for the technical, advisory and other assistance provided to Oschadbank in its transformation. The Bank has undergone a major reform. We do not stop in our development and continue the next stage of transformation with the support of the EBRD and the Ministry of Finance of Ukraine. The Bank continues to implement its strategy ultimately aimed at its privatisation. We are now working on its updating, taking into account the current challenges," said Baiba Apine, the Chairwoman of Oschadbank Supervisory Board.

"I welcome intentions of the Supervisory Board to continue reforming Oschadbank. The strategy was created probably in the most difficult year for the Bank – in 2014. Oschad was the first bank in the state-own sector that implemented and started to operate in the framework of the strategy, the first stage of which was implemented during 2015-2017. Over the course of six years, the Bank's team has made a tremendous effort to modernise and transform the monster of the USSR times with the oldest network of institutions into a modern universal bank with a completely new business model. We have diversified our loan portfolio, successfully launched the Oschad 24/7 online platform, which is used by over 4 millions of customers, and a new area of activities with micro, small and medium businesses. The second stage of strategic transformation is now in progress, which will last until 2022. I am confident that a new team will successfully continue the modernisation, because the goals and objectives are ambitious", said Andriy Pyshnyy, the CEO of Oschadbank.